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tim geithner headed the bank of new york. he doesn't have the ties to wall street that a wall street executive might provide. jack lew did work at citigroup briefly, but he doesn't have deep ties there. this is a government person, but the president decided that that's what he needs in a time when he will have a pro trektive fight with republicans over spending cuts, over the budget, over the debt ceiling. this is where jack lew's experience and knowledge can come in and i would expect, sue, and tyler, that he would be confirmed pretty easily. even though he has tough questioning at confirmation. >> let's bring in steve liesman. he is low drama, low confrontation. he doesn't have wall street regulatory. who is lew? >> i think the first theng i will do is begin the series of puns beginning with jack lew's name. let me say more about jack lew, we call this one, you don't know jack. >> of course you do. >> this is a financial education. beginning with harvard and georgetown. but that never disqualified anybody. tip o'neill 93 an
tim geithner headed the bank of new york. he doesn't have the ties to wall street that a wall street executive might provide. jack lew did work at citigroup briefly, but he doesn't have deep ties there. this is a government person, but the president decided that that's what he needs in a time when he will have a pro trektive fight with republicans over spending cuts, over the budget, over the debt ceiling. this is where jack lew's experience and knowledge can come in and i would expect, sue,...
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few embody that ideal better than tim geithner. that's why when tim was thinking about leaving a couple of years ago, i had to personally get on my knees with carol, to help convince limb it stay on a little bit longer. and i could not be more grateful to carol and the entire geithner family for allowing him to make the sacrifices that so many of our cabinet members ask of their families. in serving the country. the fact is, while a lot of work remains, especially to rebuild a strong middle class and offer working folks new pathways to rise into the middle class, our economy is better positioned for tomorrow than most of those other countries hit by the financial crisis. the tough decisions tim made and carried out deserve a lot of credit for that. so i understand that tim is ready for a break. obviously we're sad to see him go. but i cannot think of a better person to continue tim's work at treasury than jack lew. this is bitter sweet, not only because tim is leaving. but also because jack's been my chief of staff for the last yea
few embody that ideal better than tim geithner. that's why when tim was thinking about leaving a couple of years ago, i had to personally get on my knees with carol, to help convince limb it stay on a little bit longer. and i could not be more grateful to carol and the entire geithner family for allowing him to make the sacrifices that so many of our cabinet members ask of their families. in serving the country. the fact is, while a lot of work remains, especially to rebuild a strong middle...
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tim geithner's legacy, he's going to be remembered the architect of too bid big to fail. he had the opportunity to go in and correct a lot of problems, restore fiscal honesty and transparency in the system and instead, they papered over the problem and threw a lot of money at corrupt failing institutions and they created these sort of monsters that now we have to publicly back even when they're laundering money for terrorists and drug dealers. >> you write an article like this, it give s youstrange bedfellows and puts you into bed with a lot of conservatives who say we shouldn't have had the bailout. >> i believe it should have been done differently with conditions. it should have been done in a way that encouraged rans parency instead of papering over problems. but i do believe this is an inherently conservative issue. i think there should be some linkage between liberals and conservatives because it's not partisan issue at all. >> it's a good read. matt's article called "secrets and lies of the bailout," a contributing editor with rolling stone. coming up, this hi-tech
tim geithner's legacy, he's going to be remembered the architect of too bid big to fail. he had the opportunity to go in and correct a lot of problems, restore fiscal honesty and transparency in the system and instead, they papered over the problem and threw a lot of money at corrupt failing institutions and they created these sort of monsters that now we have to publicly back even when they're laundering money for terrorists and drug dealers. >> you write an article like this, it give s...
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the fdic in the room, tim geithner, chairman ben bernanke. we did not at that point need tarp. we were asked to, because we were told incorrectly, if nine banks take this tarp, we can stop the sysm from going down. we did not borrow from the federal reserve except when they ask us to. they said, please use these facilities. it makes it easier. we were not bailed out by aig. we may be would of had a direct loss of $1 billion or $2 billion if aig went down. >> you have a difference of opinion of many analyy s who felt the aig bailout did benefit you enormously. i'm not going into this. this is not your hearing. i'm asking you to respond to questions. i only have five minutes. >> that was oregon democratic senator questioning jamie dimon from jpmorgan. the significance? >> one thing that is interesting is this is what the about inspector calls -- calls for original sin. the moment in time went right after tarp was passed and the government elected to call companies that were unhealthy and insolvent, healthy and solvent. when they scrapped the plan to buy out troubled assets, tarp
the fdic in the room, tim geithner, chairman ben bernanke. we did not at that point need tarp. we were asked to, because we were told incorrectly, if nine banks take this tarp, we can stop the sysm from going down. we did not borrow from the federal reserve except when they ask us to. they said, please use these facilities. it makes it easier. we were not bailed out by aig. we may be would of had a direct loss of $1 billion or $2 billion if aig went down. >> you have a difference of...
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are acting as if tim geithner had the final say on all of this. they keep bringing up the $50,000 he owed in taxes is are redundant and old. was talk about some of the things he did right. it is so negative it. that is what is bringing this country down more than anything is the constant negative attitude. host: charleston, west virginia, republican line. caller: good morning. how are you? mr. geiger's legacy is that he was part of a team who came into office when this country was heading toward a fiscal chasm, an abyss, not just a cliff. he and his team pushed the gas pedal to the floor. i had a real opportunity to do something positive in this country and allow people to keep more of what they earn at. they did exactly the opposite. i cannot believe that these people who are doing this to our country are so stupid. they just do not know any better. i think they know exactly what they are doing. at least 51% of the american people voted not once, but twice to keep that gas pedal pushed firmly to the floor so that we go directly over the chasm and
are acting as if tim geithner had the final say on all of this. they keep bringing up the $50,000 he owed in taxes is are redundant and old. was talk about some of the things he did right. it is so negative it. that is what is bringing this country down more than anything is the constant negative attitude. host: charleston, west virginia, republican line. caller: good morning. how are you? mr. geiger's legacy is that he was part of a team who came into office when this country was heading...
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and he doesn't have the experience in financial regulation that tim geithner brought to the job having head of the federal reserve bank of new york during the financial crisis. but jack lew is expected to be announced today. the pecked speculation about his replacement as white house chief of staff has centered in the last 24 hours around dennis mcdonna. sources tell me that dennis mcdonough is the chief candidate. ron biden has already been a contender. wool see whether the president pairs the announcement of a new chief of staff with jack lew's appointment today. >> so jack lew seems to have the nomination locked up. danny krugman is expected to be looked go ahead at for treasury secretary. >>> still, that's a subject for great discussion. now let's bring you up to speed with the action on today's global markets report. will i sixuan is with us. hi, sixuan. >> thank you, ross. that surprising number in trade data has helped beat sentiment in asia. the sensex index had a fresh 19-month high in trade before closing up .6%. airline stocks on upgrades. the shanghai composite finished in
and he doesn't have the experience in financial regulation that tim geithner brought to the job having head of the federal reserve bank of new york during the financial crisis. but jack lew is expected to be announced today. the pecked speculation about his replacement as white house chief of staff has centered in the last 24 hours around dennis mcdonna. sources tell me that dennis mcdonough is the chief candidate. ron biden has already been a contender. wool see whether the president pairs the...
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are written tim geithner's going to go down as one of our finest secretaries of the treasury. our economy is better positioned for tomorrow than most of those other countries hit by the financial crisis. the tough decisions tim made and carried out deserve a lot of credit for that. >> brown: at 57, lew is already a 30-year veteran of washington. he was a principal domestic policy advisor to house speaker tip o'neill in the 1980's, and negotiated with the reagan white house on social security and tax reform. later, he served two stints as the country's budget director, first under president clinton, then under president obama, before becoming white house chief of staff. today, in the east room of the white house, the nominee voiced his gratitude. >> thank you mr. president for your trust confidence and friendship. serving in your administration has allowed me to live out those values my parents ensiled in me and i look forward to continuing with the challenges ahead. >> brown: lew, and other top administration officials, face the immediate task of negotiating with republicans o
are written tim geithner's going to go down as one of our finest secretaries of the treasury. our economy is better positioned for tomorrow than most of those other countries hit by the financial crisis. the tough decisions tim made and carried out deserve a lot of credit for that. >> brown: at 57, lew is already a 30-year veteran of washington. he was a principal domestic policy advisor to house speaker tip o'neill in the 1980's, and negotiated with the reagan white house on social...
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are written tim geithner's going to go down as one of our finest secretaries of the treasury. our economy is better positioned for tomorrow than most of those other countries hit by the financial crisis. the tough decisions tim made and carried out deserve a lot of credit for that. >> brown: at 57, lew is already a 30-year veteran of washington. he was a principal domestic policy advisor to house speaker tip o'neill in the 1980's, and negotiated with the reagan white house on social security and tax reform. later, he served two stints as the country's budget director first under president clinton, then under president obama before becoming white house chief of staff. today, in the east room of the white house, the nominee voiced his gratitude. >> thank you mr. president for your trust confidence and friendship. serving in your administration has allowed me to live out those values my parents ensiled in me and i look forward to continuing with the challenges ahead. >> brown: lew, and other top administration officials, face the immediate task of negotiating with republicans on
are written tim geithner's going to go down as one of our finest secretaries of the treasury. our economy is better positioned for tomorrow than most of those other countries hit by the financial crisis. the tough decisions tim made and carried out deserve a lot of credit for that. >> brown: at 57, lew is already a 30-year veteran of washington. he was a principal domestic policy advisor to house speaker tip o'neill in the 1980's, and negotiated with the reagan white house on social...
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he just had a meeting with treasury secretary tim geithner. it'll be interesting to see what he had to say. sandra: and liz claman live in las vegas getting us a glimpse of tomorrow's tech today. liz: how many of you all out there watching watch youtube videos and say i have to show that to someone? i want to show it on my television right now. panasonic with a new feature that they absolutely believe you will dump your current tv for and by panasonic. youtube to your tv. he will show it to us and it is something he absolutely feels can change behavior for television owners. we will show it to you coming up. over at panasonic. back to you. sandra: we look forward to that. shibani joshi is also at the big show in vegas and she will join us in about 15 minutes with the ceo of qualcomm, find out where he sees mobile technology heading and should know his products are in the most coveted devices out there. ashley: stocks extending into the second session with all three major indices closing in the red. eight of 10 s&p sectors ended lower. telecom,
he just had a meeting with treasury secretary tim geithner. it'll be interesting to see what he had to say. sandra: and liz claman live in las vegas getting us a glimpse of tomorrow's tech today. liz: how many of you all out there watching watch youtube videos and say i have to show that to someone? i want to show it on my television right now. panasonic with a new feature that they absolutely believe you will dump your current tv for and by panasonic. youtube to your tv. he will show it to us...
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interesting how tim geithner in the book describes bob reuben. that will be a big wet kiss. >> good stuff, charlie. thank you so much. >> satellite operator dish launching a new dvr allowing subscribers to watch live tv from wherever their mobile device has connection. >> so happy about this one. we are live at the consumer electronics show with dish ceo joe clayton. ♪ [ woman ] if you have the audacity to believe your financial advisor should focus on your long-term goals, not their short-term agenda. [ woman ] if you have the nerve to believe that cookie cutters should be for cookies, not your investment strategy. if you believe in the sheer brilliance of a simple explanation. [ male announcer ] join the nearly 7 million investors who think like you do: face time and think time make a difference. join us. [ male announcer ] at edward jones, it's how we make sense of investing. at legalzoom, we've created a better place to handle your legal needs. maybe you have questions about incorporang a business you'd like to start. or questions about pro
interesting how tim geithner in the book describes bob reuben. that will be a big wet kiss. >> good stuff, charlie. thank you so much. >> satellite operator dish launching a new dvr allowing subscribers to watch live tv from wherever their mobile device has connection. >> so happy about this one. we are live at the consumer electronics show with dish ceo joe clayton. ♪ [ woman ] if you have the audacity to believe your financial advisor should focus on your long-term goals,...
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. >> role of tim geithner as taeshry secretary is nearing the end. we are learning more about the president's likely pick to replace him. john harwood joining us from washington. john, what can you tell us about jack lew? >> brian, jack lew is currently white house chief of staff. serving in a very low key way in that capacity. he is a long time government servant. former aid to tip o'neill. he has experience at all of the issues coming up before congress. he has experience as hillary clinton's chief of staff. he will leave a void that in replacing rom emmanuel. who is very valuable and controversy. but jack lew is opposite of that. he thinks he las the set of skills he needs among candidates to replace jack lew as chous chief of staff. one source tells me set leading candidate. we will see if that announcement is made tomorrow as is jack lew for treasury. >> if jack lew is secretary treasury, it'll look something like this, whatever that is. accidentally, tim geithner had a different signature but changed it for the green back. ma maybe jack lew wil
. >> role of tim geithner as taeshry secretary is nearing the end. we are learning more about the president's likely pick to replace him. john harwood joining us from washington. john, what can you tell us about jack lew? >> brian, jack lew is currently white house chief of staff. serving in a very low key way in that capacity. he is a long time government servant. former aid to tip o'neill. he has experience at all of the issues coming up before congress. he has experience as...
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. >> and when tim geithner was picked, having worked closely with hank paulson at the federal reserve bank during the crisis, people were comforted by that. they said, well, maybe he's not so liberal. well, as it happened, larry summers was an advocate of more stimulus than others in the administration. so you can't necessarily read that much. events are going to dictate, i think, whether this president adapts his own view necessary a way that people interpret it as going to the center or not. but for the moment, he knows where he is and where he wants to go. and he's picking somebody who can help them achieve his agenda. >> you know, the thing you point out, that this is a situation where business leaders probably wanted one of their own, they may argue they want somebody in there looking for pro growth policies. but maybe more important is somebody who was very familiar with the financial markets. that was somebody that tim geithner created a lot of confidence because he knew the markets so well, knew the underworkings. and when there were big issues, you knew there was somebody who
. >> and when tim geithner was picked, having worked closely with hank paulson at the federal reserve bank during the crisis, people were comforted by that. they said, well, maybe he's not so liberal. well, as it happened, larry summers was an advocate of more stimulus than others in the administration. so you can't necessarily read that much. events are going to dictate, i think, whether this president adapts his own view necessary a way that people interpret it as going to the center or...
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this from treasury secretary tim geithner who was really installed to deal with the financial crisis. at this point the president is making his pick to deal with federal budgets. the nominee, jack lew, was the budget director for president clinton. here at the obama white house for all these major budget fights he has been at the president's side. >> over the past year i've sought jack's advice on virtually every decision that i have made from economic policy to foreign policy. now one reason jack has been so effective in this town because he is a low-key guy who prefers to surround himself with policy experts rather than television cameras. and over the years he has built a reputation as a master of policy who can work with members of the both parties and forge principled compromises. >> republicans have another take on that reputation. this from senator orrin hatch of utah saying since mr. lou participated in numerous budget negotiations with congress and with four consecutive years of over a trillion dollar deficits, the american people deserve to know, not only that this nominee i
this from treasury secretary tim geithner who was really installed to deal with the financial crisis. at this point the president is making his pick to deal with federal budgets. the nominee, jack lew, was the budget director for president clinton. here at the obama white house for all these major budget fights he has been at the president's side. >> over the past year i've sought jack's advice on virtually every decision that i have made from economic policy to foreign policy. now one...
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treasury secretary tim geithner gets the mint to make a one coin, the value, $1 trillion. then he takes that coin over to the federal reserve bank and deposits it. then the government writes checks against that trillion dollars. so that does that mean there's no need to raise the debt ceiling? joining us now to explain it all is deputy editor is the business insider. joe? >> how you doing? >> there's a law that says the treasury secretary can mint a platinum coin, how does that work? >> the treasury secretary does have broad discretion over specifically platinum coinage, the size of it, the denomination and so forth. a lot of people frustrated with the debt ceiling, it looks like the same thing in 2011, second time we don't think the debt ceiling is something to be used for a negotiating point, they're excited this could be a way to get around it. >> we showed that provision there. michelle and i were saying, this reminds us of zimbabwe. wouldn't this cause run away inflation? >> that's what people usually say, but it's important to make a distinction. in countries that se
treasury secretary tim geithner gets the mint to make a one coin, the value, $1 trillion. then he takes that coin over to the federal reserve bank and deposits it. then the government writes checks against that trillion dollars. so that does that mean there's no need to raise the debt ceiling? joining us now to explain it all is deputy editor is the business insider. joe? >> how you doing? >> there's a law that says the treasury secretary can mint a platinum coin, how does that...
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geithner. >> and the reason i say that is look, i -- i'm 67 years old. i have been gone from home for over a dozen years, doing various public service things. and i have come home, i have got nine grandchildren under seven, and i really want to stay home. so i don't want a full-time job either in the public or private sector. >> one final question, how disappointed were you that the president rejected the simpson-bowles recommendations? >> well, look, i was disappointed at the time. but i came to understand was that his goal was to use it as a framework for his discussions that he had with speaker boehner back in gosh, almost two years ago now. in his first effort to get a grand bargain. he felt that was the best way to be successful. if he had been right, he would have proven to be a political genius. unifor unfortunately, he was not. they didn't get a deal one and i was very disappointed. >> yeah, i think that was an historic moment to get that grand bargain. i know you worked hard on it with other members of the commission. it was clearly a missed opp
geithner. >> and the reason i say that is look, i -- i'm 67 years old. i have been gone from home for over a dozen years, doing various public service things. and i have come home, i have got nine grandchildren under seven, and i really want to stay home. so i don't want a full-time job either in the public or private sector. >> one final question, how disappointed were you that the president rejected the simpson-bowles recommendations? >> well, look, i was disappointed at the...
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i'm told that tim geithner cleaned up the signature becoming treasury secretary. i have to say in all the issues of the country faces, what the signature of the next frsh ri secretary looks like is not one that keeps me awake at night. >> no, no. although easy to understand and why it's so viral this morning. >> it is amusing. >> thanks a lot. >> thank you, carl. >>> they invested in tumblr in 2007, twitter in '08 and twitter's new photo filter, spark capital invested in that company more than three years ago so how does spark know which start-ups are the winner? we'll talk to the founder and managing partner live after the break. ♪ [ male announcer ] how do you make 70,000 trades a second... ♪ reach one customer at a time? ♪ or help doctors turn billions of bytes of shared information... ♪ into a fifth anniversary of remission? ♪ whatever your business challenge, dell has the technology and services to help you solve it. >>> as initial investors of hot start-ups seeks that spark capital has a knack for predicting the next big thing but after a rocky fac
i'm told that tim geithner cleaned up the signature becoming treasury secretary. i have to say in all the issues of the country faces, what the signature of the next frsh ri secretary looks like is not one that keeps me awake at night. >> no, no. although easy to understand and why it's so viral this morning. >> it is amusing. >> thanks a lot. >> thank you, carl. >>> they invested in tumblr in 2007, twitter in '08 and twitter's new photo filter, spark capital...
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succeeding tim geithner. lew has been budget director in both the obama and clinton administrations. he will pray a major role of course in negotiations over the debt ceiling and potential spending cuts. the president will make his announcement at 1:30 eastern. it's an event in the east room at the white house. i have to say off the bat just because he's a forest hills guy like me that i, you know, may be a little affinity, we grew up in the same town. >> that alone could be good. >> different generation. >> maybe a technocrat is what's necessary. no one tells me this guy is acrimonious. the talks may have been. but when we're trying to figure out what to cut, maybe you just need a guy who knows his way around the budget as opposed to a federal reserve guy. i thought tim geithner did a great job, though, and i know i find myself in the minority on that, but he came to the rescue of the system in apparel husband time and i think he good a remarkable job. >> jack lew is well respected by both sides of the aisle
succeeding tim geithner. lew has been budget director in both the obama and clinton administrations. he will pray a major role of course in negotiations over the debt ceiling and potential spending cuts. the president will make his announcement at 1:30 eastern. it's an event in the east room at the white house. i have to say off the bat just because he's a forest hills guy like me that i, you know, may be a little affinity, we grew up in the same town. >> that alone could be good....
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tim is here to explain what he thinks tim geithner's next move is after treasury. >> forget the banks. the face's wealthier are increasingly turning to pawn shops for revolving lines of personal and business credit. details from this booming business from our very own jane wells a little later on in the "closing bell." impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> treasury secretary timothy geithner will formally step down two weeks from today, so what's next for him? steve liesman is here with an interesting take. steve? >> reporter: thanks, maria. geithner will stay at treasury until january 25th. unclear if that's going to mean a seamless transition with the president's nominee jack le
tim is here to explain what he thinks tim geithner's next move is after treasury. >> forget the banks. the face's wealthier are increasingly turning to pawn shops for revolving lines of personal and business credit. details from this booming business from our very own jane wells a little later on in the "closing bell." impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex,...
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when you got past geithner, tim geithner, the treasury secretary the rest of them were almost nonentities. he was a real nonentity. the person driving the economic agenda is valerie jarrett. it will be interesting to see how valerie jarrett meshes with jack lew. another story we had had first here on fox business. ashley: aig. >> why did they say no to hank greenberg? there are many reasons why. i'm getting this from inside the company. they were not going to join this lawsuit earlier today. it was, it is so obvious. aig right now is applying to be about is known as a sieve if i firm. ive if i firm. system i financially important firm. systemmally important financial institution they are applying for that. guess who you don't sue. ashley: the federal government. >> this was a nonstarter from the minute they looked eight. should also point out another reason why, they have an ad campaign where they basically talk about how they're thanking the american tax pay fore --. ashley: turning around and suing the taxpayers essentially. >> those two things. systematically important issue made it de
when you got past geithner, tim geithner, the treasury secretary the rest of them were almost nonentities. he was a real nonentity. the person driving the economic agenda is valerie jarrett. it will be interesting to see how valerie jarrett meshes with jack lew. another story we had had first here on fox business. ashley: aig. >> why did they say no to hank greenberg? there are many reasons why. i'm getting this from inside the company. they were not going to join this lawsuit earlier...
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. >>> and finally tonight, my observation on today's nomination of jack lew to replace tim geithner as the new treasury secretary. it's important to look at this in context of what it may mean for the debate on spending cuts as we approach this debt ceiling limit and the fight that is ensuing. tim get near is leaving january 25th. that means lew will be the main point person for this debt ceiling drama. so, what does this mean ahead of what is likely to be another hard fight? perhaps the best clues for that are in an op-ed from two years ago from jack lew. inis entitled "the easy cuts are behind us." the piece absolutely advocates getting out of our debt and getting the debt and deficit under control. but it does so by discussing some cuts in defense and then examples of scaling back things like something called the great lakes restoration initiative. not eliminating it, just cutting it by maybe a quarter of its present cost. a sav
. >>> and finally tonight, my observation on today's nomination of jack lew to replace tim geithner as the new treasury secretary. it's important to look at this in context of what it may mean for the debate on spending cuts as we approach this debt ceiling limit and the fight that is ensuing. tim get near is leaving january 25th. that means lew will be the main point person for this debt ceiling drama. so, what does this mean ahead of what is likely to be another hard fight? perhaps...
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. >> now that the fiscal cliff deal is done, financial world looking to tim think geithner, who will step down around the time of president obama's inauguration january 20th even if there isn't a deal to raise the debt ceiling. the 51-year-old has been a key figure in fiscal cliff talks. white house chief of staff yord to be in the lead for that job. >> lawmakers took an oath of office. the house reelected john boehner as speaker. among those sworn in were two from the bay area, jared houghman. the district covers the north coast to oregon border and eric swalwell, representing california's new 15th district, peting incumbent, pete stark. it's expected to be a challenging first few months for lawmakers with several deadlines looming. here in washington it's out with the old, in with the new. do you swear and affirm you'll support the united states of the united states? >> the congress was sworn n it's a diverse gru. there are 81 women in the house and a record number of female senators, 20. age taijing the oath of office, the first hindu member, first butdist senator and first openly
. >> now that the fiscal cliff deal is done, financial world looking to tim think geithner, who will step down around the time of president obama's inauguration january 20th even if there isn't a deal to raise the debt ceiling. the 51-year-old has been a key figure in fiscal cliff talks. white house chief of staff yord to be in the lead for that job. >> lawmakers took an oath of office. the house reelected john boehner as speaker. among those sworn in were two from the bay area,...
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Jan 8, 2013
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that's when the extraordinary measures that tim geithner is using right now to extend it are going to run out. republicans are saying absolutely, no rise in the debt ceiling without an equal number of spending cuts. democrats are saying we're not negotiating with you as all, because as whyte white house press secretary jay carney said look what happened when we tried that in 2011 it resulted in a credit rating downgrade. >> he will not negotiate with congress when it comes to the essential responsibility of congress to pay the bills that congress has incurred. it would be irresponsible to flirt with default. we saw what happened in the summer of 2011 when congress did flirt with default. >> and i think we can conclude from the fiscal cliff debate, maria, is that congress and the white house won't reach an agreement before they absolutely have to, and don't rule out possibility that the white house could yet invoke constitutional authority to unilaterally raise that debt limit if congress is not willing to play ball with them. >> we'll be wag. thanks very much. how far can washington p
that's when the extraordinary measures that tim geithner is using right now to extend it are going to run out. republicans are saying absolutely, no rise in the debt ceiling without an equal number of spending cuts. democrats are saying we're not negotiating with you as all, because as whyte white house press secretary jay carney said look what happened when we tried that in 2011 it resulted in a credit rating downgrade. >> he will not negotiate with congress when it comes to the...
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Jan 8, 2013
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while they say that, if you remember in the discussions about the fiscal cliff when tim geithner delivers to the republicans the initial offer they don't come back with a counteroffer that says if you want those revenues we want entitlement cuts. they then say to the administration "we want you to propose entitlement cuts so we can turn around and say look you proposed entitlement cuts." so i don't know which it is. i know that in the long run all the economists are going to agree what the root of the challenge. is it's the aging of the the population, rising health care costs and we don't have the tax revenue to cover that. it's not based on excessive spending on food stamps. it's not based on discretionary spending. that is not what the problem is. >> rose: david? >> i think it's significant if republicans have decided they want this next round to be about entitlements rather than spending. because there is no solution in discretionary spending. >> rose: exactly. >> there's not enough money there. >> rose: everything knows that, don't they? i'm surprised everybody doesn't accept that id
while they say that, if you remember in the discussions about the fiscal cliff when tim geithner delivers to the republicans the initial offer they don't come back with a counteroffer that says if you want those revenues we want entitlement cuts. they then say to the administration "we want you to propose entitlement cuts so we can turn around and say look you proposed entitlement cuts." so i don't know which it is. i know that in the long run all the economists are going to agree...
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Jan 10, 2013
01/13
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some -- no one embodies that better than tim geithner. i had to get on my knees two years ago to convince him to stay on a little bit longer, and i could not be more grateful to carol and the entire geithner family for allowing him to make the sacrifices that are cabinet members ask of their families in serving their country. the fact is, while a lot of work remains, especially to build new pathways for working folks to rise into the middle class, our position is better for tomorrow than most of the countries hit by the financial crisis. the tough decisions have been made and carried out. i understand that tim is ready for a break. obviously, we are sad to see him go. i cannot think of a better person to continue tim's work at the treasury than jack lew. this is bittersweet not only because tim is leaving, but because jack has been my chief of staff for the last year. he was my budget director before that. i trust his judgment. i knew if -- i know your people with greater integrity than the man to my left. i do not want him to go, because
some -- no one embodies that better than tim geithner. i had to get on my knees two years ago to convince him to stay on a little bit longer, and i could not be more grateful to carol and the entire geithner family for allowing him to make the sacrifices that are cabinet members ask of their families in serving their country. the fact is, while a lot of work remains, especially to build new pathways for working folks to rise into the middle class, our position is better for tomorrow than most...
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Jan 12, 2013
01/13
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the outgoing treasury secretary, tim geithner said, we have no plan. and as geithner always says, plan beats no plan. you have no plan. >> and the american people have no idea what they're talking about on this stuff. >> that i agree with. we're sending conflicting messages. >> it doesn't matter what people think about cutting spending. we have to. >> the polling data show by 75% the american people want spending cuts. i will say this. i may be wrong and you all may be right. but i think the g.o.p. is now migrating towards the spending sequester. including the defense and national security cuts. we're going to debate that in a few moments with general mccaffrey. but i think the gop is migrating there. i think that is exactly the right thing to do. and it shows a little bit of courage. and i think this letter from the four senators today, keith, all it says is waw waw waw we don't want to cut spending. >> that's what john boehner says. interesting rates are low now, inflation is low now. we're still recovering from an economic crisis. this is not the ti
the outgoing treasury secretary, tim geithner said, we have no plan. and as geithner always says, plan beats no plan. you have no plan. >> and the american people have no idea what they're talking about on this stuff. >> that i agree with. we're sending conflicting messages. >> it doesn't matter what people think about cutting spending. we have to. >> the polling data show by 75% the american people want spending cuts. i will say this. i may be wrong and you all may be...
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Jan 5, 2013
01/13
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there's no pretense that they have an interest in spending and when tim geithner's first offer in the negotiations was $1.6 trillion in new revenue, raise the debt ceiling with impunity and have more stimulus spending, that unbridled foolishness that has jarred the gop and the house. so those sort of shutdown questions become easier to coalescing. >> so it's a yes? it's on the table, is that right? >> well, as you and i have talked before, my home state is illinois, which is an example of what not to do. they chose revenues at a state level, didn't deal with the underlying spending drivers and what happened? higher than average unemployment, more per capita debt than any other state in the union almost and been downgraded twice. $7 billion in unpaid bills after the revenues come in. so i'm sensing just in talking to a lot of colleagues today and over the past couple of days a higher level of interest in going much further than they have ever gone before. >> last one, are all revenues off the table as far as you and the house leadership is concerned? >> yeah, that is old news that is n
there's no pretense that they have an interest in spending and when tim geithner's first offer in the negotiations was $1.6 trillion in new revenue, raise the debt ceiling with impunity and have more stimulus spending, that unbridled foolishness that has jarred the gop and the house. so those sort of shutdown questions become easier to coalescing. >> so it's a yes? it's on the table, is that right? >> well, as you and i have talked before, my home state is illinois, which is an...
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Jan 10, 2013
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lew would replace tim geithner who's wanted to step down for a year-and-a-half that has been with the president since the beginning of his administration. reaction already from financial services committee jeb hensarling this morning today. here is his portion of it. i congratulate mr. lew on his nomination that changing the name plate on the door of the treasury secretary office won't improve our economy or save the nation from impending bankruptcy. that can only happen with the needed change in this administration's chief economic policies. president obama has gotten his tax increases and now it's time for him and mr. lew, if confirmed, to focus on the need to cut spending. the other side of the president's so-called balanced approach to the debt reduction. we did have the nomination live on c-span. you can see it on the web site, c-span.org. this week >>> i think that collectivization of the minds of america's founding fathers is particularly dangerous because as i say so often in the book, they were not a collective unit, and presenting them as such intends to dramatically oversim
lew would replace tim geithner who's wanted to step down for a year-and-a-half that has been with the president since the beginning of his administration. reaction already from financial services committee jeb hensarling this morning today. here is his portion of it. i congratulate mr. lew on his nomination that changing the name plate on the door of the treasury secretary office won't improve our economy or save the nation from impending bankruptcy. that can only happen with the needed change...
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geithner. we knew he was going to leave. but now, he's saying he's going to leave right after the inaugural and not be around for that confrontation. >> reporter: that's right. not a surprise he's going. but he was going to follow through this fiscal cliff debate. that's only part-over. the debt limit fight's a big one. he'll have a new treasury secretary. it will almost certainly be jack lew, his current chief of staff. so, kind of a shuffling of chairs. but this is the last of the economic team left in the white house, geithner. >> jon karl, thank you very much. looking forward to you joining our powerhouse roundtable on "this week" this sunday. i'll also be interviewing senate republican leader, mitch mcconnell. >>> now, to the growing backlash over the movie "zero dark thirty." the movie chronicles the hunt for osama bin laden. three senators, including the chair of the senate intelligence committee, are now putting pressure on the cia to reveal just how much information it gave to filmmake
geithner. we knew he was going to leave. but now, he's saying he's going to leave right after the inaugural and not be around for that confrontation. >> reporter: that's right. not a surprise he's going. but he was going to follow through this fiscal cliff debate. that's only part-over. the debt limit fight's a big one. he'll have a new treasury secretary. it will almost certainly be jack lew, his current chief of staff. so, kind of a shuffling of chairs. but this is the last of the...
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Jan 4, 2013
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. >> and more work they have to do is to find a replacement for treasury secretary tim geithner, expected to leave at the end of the month. what is the administration saying about this search for his successor? they must be racing the clock now. >> that's right, they are. you have the debt ceiling, a battle coming up, there are other economic matters that have to be dealt with over the next few months and it's important for the president to make this election, we expect the president will be making some announcements as early as next week. we reached out to the treasury department yesterday, a spokesperson telling me that treasury secretary geithner will be around until around the inauguration, and that they won't talk exactly about the timing of his departure until a successor is named but no doubt, this is a crucial cabinet position that the president is mulling over while here on vacation in addition to some others as well, such as the cia, and the defense department, victor. >> dan lothian traveling with the president, thank you for joining us for that. let's see how the markets are r
. >> and more work they have to do is to find a replacement for treasury secretary tim geithner, expected to leave at the end of the month. what is the administration saying about this search for his successor? they must be racing the clock now. >> that's right, they are. you have the debt ceiling, a battle coming up, there are other economic matters that have to be dealt with over the next few months and it's important for the president to make this election, we expect the...
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Jan 11, 2013
01/13
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how could that impact the man who is now nominated to succeed tim geithner? steve, good morning. >> thanks, carl. first of all, just to what you were talking about earlier, we understand geithner's going to hang out until january 25th in the treasury, giving jack lew to confirm and i guess perfect his signature. let's see what we've learned, what does he leave for jack lew. he got the stress test done. actually, that's not correct there. let's move away from that. what we're talking about here is the -- let me go to my notes. the stimulus was done -- but sustained growth was not. frank dod basel iii was not done. aig also done. what is the geithner model? what is the geithner doctrine? i think you can say like this, overwhelming government force when it's clear it's needed. b in a crisis, spend, regulate and guarantee and do it with conviction. let's talk about one of the things left over from the geithner years, which is going to be the issue of debt and deficit. i think you would say there was some accomplishment when it came to getting some of these deals
how could that impact the man who is now nominated to succeed tim geithner? steve, good morning. >> thanks, carl. first of all, just to what you were talking about earlier, we understand geithner's going to hang out until january 25th in the treasury, giving jack lew to confirm and i guess perfect his signature. let's see what we've learned, what does he leave for jack lew. he got the stress test done. actually, that's not correct there. let's move away from that. what we're talking about...
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it was an attempt to move tim geithner, the outgoing treasury secretary forward a little bit. either guy became very important in the final enproduct, but joe biden who was the key negotiator from the white house. how much is planning and how much is just the way things have always been. cheryl: i don't know. you know, charlie, one of my colleagues here in fox business, reported for months that jack lew would be the new name and gilet near would be out. it's months of reporting. seems to me the president knew a long time ago jack would be the guy. at the same time, it's surprising he would take on a fight like this with congress with when he has the chuck ha golf course e -- chuck hagel fight as well. it's like he doesn't care what republicans or nip thinks in washington and does what he wants. >> i don't see a fight with jack. he's not popular with republicans, that's true, but the other side focuses the fire on one main target, and other people get less, and i think the fire is going to be devoted to, pointed at chuck as you suggest. i think that jack lew, is not wildly popu
it was an attempt to move tim geithner, the outgoing treasury secretary forward a little bit. either guy became very important in the final enproduct, but joe biden who was the key negotiator from the white house. how much is planning and how much is just the way things have always been. cheryl: i don't know. you know, charlie, one of my colleagues here in fox business, reported for months that jack lew would be the new name and gilet near would be out. it's months of reporting. seems to me the...
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Jan 11, 2013
01/13
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then what's next for tim geithner? a return to the private sector? or maybe another high profile public job at the fed. steve liesman will just a few minutes stamps.com is the best. i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with stamps.com you can print real u.s. postage for all your letters and packages. i have exactly the amount of postage i need, the instant i need it. can you print only stamps? no... first class. priority mail. certified. international. and the mail man picks it up. i don't leave the shop anymore. [ male announcer ] get a 4 week trial plus $100 in extras including postage and a digital scale. go to stamps.com/tv and never go to the post office again. i am probably going to the gas station about once a month. last time i was at a gas station was about...i would say... two months ago. i very rarely put gas in my chevy volt. i go to the gas station such a small amount that i forget how to put gas in my car. [ male announcer ] and it's not just these owners giving the volt high pra
then what's next for tim geithner? a return to the private sector? or maybe another high profile public job at the fed. steve liesman will just a few minutes stamps.com is the best. i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with stamps.com you can print real u.s. postage for all your letters and packages. i have exactly the amount of postage i need, the instant i need it. can you print only stamps? no... first class. priority mail. certified....
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Jan 9, 2013
01/13
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i leave that to tim geithner. >> you could have a great year based on currency fluctuation and horrible year based on things out of your control. >> the kinds of things we're selling, a lot of them are long term capital goods. fluctuations day-to-day are not a big impact. large businesses are more impacted by fluctuations. the larger project whether building power plant or airplanes is less impacted. >> are you frustrated in the slowness of getting trade deals done? >> we had three trade deals done and we're now executing them. we had a record deal in c colombia. still banks think of colombia 10 years ago, not 21st century. it's been a strong market for energy and small business. >> where are we in small business? what's the left you'd like to see done? >> free-trade agreements? >> yes. >> i leave that to the trade reps. i think trade agreements are hard to do. look how long it took to get the last three done. they're just really hard to do. there's a lot of discussion. what i'm really focused on is emerging markets where we step in at the export import bank and close those deals. seein
i leave that to tim geithner. >> you could have a great year based on currency fluctuation and horrible year based on things out of your control. >> the kinds of things we're selling, a lot of them are long term capital goods. fluctuations day-to-day are not a big impact. large businesses are more impacted by fluctuations. the larger project whether building power plant or airplanes is less impacted. >> are you frustrated in the slowness of getting trade deals done? >>...
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Jan 9, 2013
01/13
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reporting who the white house chief of staff is president obama strikes to replace tim geithner as treasury secretary. that could come as early as tomorrow. this as the president continues to develop his team for the second term. the announcement is likely also to be a topic of reporters questions this afternoon during today's white house briefing jay carney will brief media members at 145. you can see that on c-span2. it's about this time of the year state governor's offer their state of state addresses. c-span will bring several and beginning at noon eastern. >>> to this year marks the 100th anniversary of richard nixon's dearth. join us tonight for any event if you ask how many are self identified libertarians, depending on which poll you look at you might be getting between ten to 15%. if you ask questions like if you give people a battery of questions about different ideological things like to you believe in x and y and track those to different ideologies than depending which pull your looking at you get maybe it to 30% of americans calling themselves libertarian. if you ask the follow
reporting who the white house chief of staff is president obama strikes to replace tim geithner as treasury secretary. that could come as early as tomorrow. this as the president continues to develop his team for the second term. the announcement is likely also to be a topic of reporters questions this afternoon during today's white house briefing jay carney will brief media members at 145. you can see that on c-span2. it's about this time of the year state governor's offer their state of state...
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Jan 10, 2013
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he would replace treasury secretary tim geithner. that announcement is set for 1:30 eastern today. c-span will have live coverage. all this week at 6 eastern here on c-span2 we're featuring past q&a programsment today it's supreme court justice antonin scalia on his book, "making your case: the art of persuading judges." it gives advice to lawyers. and then at 7 eastern, it's another q&a program, a conversation with neil barofsky. he's written a book called "bailout: an inside account of how washington abandoned main street while rescuing wall street." >> back in the heyday of the private student lending market, um, you saw a lot of families who weren't necessarily going to for-profit colleges. you know, their student was going to, say, a music school. i wrote an article about a gardener who sent his son to college, you know, the first in the family to go to college. he made about -- the dad made about $21,000 a year. that was family income. and he was able to borrow six figures from a private student lender for his son. and, i mean, there just was no underwriting. >> no sanity. >>
he would replace treasury secretary tim geithner. that announcement is set for 1:30 eastern today. c-span will have live coverage. all this week at 6 eastern here on c-span2 we're featuring past q&a programsment today it's supreme court justice antonin scalia on his book, "making your case: the art of persuading judges." it gives advice to lawyers. and then at 7 eastern, it's another q&a program, a conversation with neil barofsky. he's written a book called "bailout: an...
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Jan 9, 2013
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geithner, and we expect that announcement tomorrow. jay carney likely to get questions about that today at the white house briefing set to start at 2:15 eastern now, and it will be live here on c-span2 live coverage, a discussion on this year's budget battle from today's "washington journal." >> host: back at the table is the president of club for growth, talking about the republican agenda for the 113th congress. let me show our viewers the "washington times" from mondays and the headline, g.o.p. shut down and sanity jolt as a way to press need for cuts." when it comes to the next budget battles ahead, republican senators, ted cruz, and others, laying the ground work. are you part of the effort or consulting with them on this? what do you think about it? >> guest: we supported people like cruz and others champions of economic freedom in the senate and other house members. we do that because we want fiscal sanity in washington. we endorse people at the club for growth we think hold a pro-growth view, a pro-economic growth agenda. we're
geithner, and we expect that announcement tomorrow. jay carney likely to get questions about that today at the white house briefing set to start at 2:15 eastern now, and it will be live here on c-span2 live coverage, a discussion on this year's budget battle from today's "washington journal." >> host: back at the table is the president of club for growth, talking about the republican agenda for the 113th congress. let me show our viewers the "washington times" from...